Gold Bounces from 2-1/2-Week Low

Precious metals futures registered mostly slight changes Thursday. Gold logged its first increase in four sessions, climbing from a 2-1/2-week low. Silver, meanwhile, closed lower for a third straight day to post a new 6-week low.

Gold for June delivery added $1.70, or 0.1%, to settle at $1,265.90 an ounce on the Comex division of the New York Mercantile Exchange, after closing Wednesday at its lowest price since April 10.

"Some short covering by the shorter-term futures traders was featured, as well as some perceived bargain-basement buying in both futures and the cash market," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a daily note. "The generally upbeat trader and investor attitudes this week have been a significantly bearish element for the safe-haven metal."

Gold futures ranged from a low of $1,261.80 to a high of $1,271.10. In the previous three sessions, they logged declines totaling 1.9%.

Silver futures for July delivery shed 9.7 cents, or 0.6%, to end at $17.334 an ounce. The settlement is the weakest since March 16. Silver futures traded between $17.29 and $17.54. The most active contrast lost 1.3% on Wednesday, dropped 1.5% on Tuesday, and inched up less than a half-cent on Monday.

In other precious metals futures on Thursday:

July platinum edged up 30 cents to $948.80 an ounce, ranging from $942.50 to $954.50.

Palladium for June delivery gained $7.85, or 1%, to $813 an ounce, trading between $800.20 and $815.80.

London Precious Metals Prices

In comparing earlier fixed London bullion prices from Wednesday PM to Thursday PM:

Gold rose 95 cents, or less than 0.1%, to $1,262.80 an ounce.

Silver declined 13 cents, or 0.7%, to $17.46 an ounce.

LBMA platinum and palladium prices are available on the LBMA’s website with a delay of midnight.

US Mint Bullion Coin Sales in 2017

U.S. Mint bullion sales were unchanged. Below is a sales breakdown of U.S. bullion products with columns listing the number of coins sold during varying periods. Products with an asterisk (*) are no longer available.